A Nobel for the Random Walk of Stock Prices
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Sometimes the Nobel committee seems to make a partly political statement in choosing winners of the prize in economics. Not this year. On Monday, the Royal Swedish Academy of Sciences awarded the 2013 Nobel to three deserving American economists: Eugene Fama and Lars Peter Hansen at the University of Chicago and Robert Shiller of Yale University. The prizes were based on the importance of their work, which "laid the foundation for the current understanding of asset prices."